Tech Giants' Energy Pledge, Drone Batteries & Six Flags Stock Rides Higher

Summary

Brew Markets Podcast Summary

Episode Title: Tech Giants' Energy Pledge, Drone Batteries & Six Flags Stock Rides Higher
Date: March 5, 2026
Host: Ann Berry
Podcast: Brew Markets by Morning Brew

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Episode Overview

In this episode, Ann Berry breaks down several major market stories, focusing on big tech firms’ data center energy commitments, Amprius’ earnings surge and its innovative drone battery technology, and recent moves in retail and amusement park stocks. The tone is lively and conversational yet packed with actionable insights for retail investors.

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Main Segment: Tech Giants’ Data Center Energy Pledge

Starts at 01:20

Key Discussion Points

• White House Pledge:

  • Seven tech giants (Google, Meta, Microsoft, Amazon, Oracle, XAI (merging with SpaceX), and OpenAI) signed a non-binding pledge in Washington, D.C., aimed at preventing data center electricity costs from being passed on to consumers.
  • The pledge was prompted by concerns of surging energy demand as AI and data centers expand.
  • Companies committed to invest heavily—building or paying for all required power (including new power stations), upgrading delivery infrastructure, and negotiating rate structures with utilities. They also promised workforce development and providing backup power to local grids ([02:10]).

• Growing Energy Demand:

  • Data centers are projected to consume up to 12% of U.S. electricity by 2028, up from less than 2% pre-2020 ([03:00]).
  • Consumer fear is intensifying: "People think that if the data center goes in, their electricity is going to go up." (– President Trump, 03:13).

• Examples of Company Initiatives:

  • Meta: Behind-the-meter natural gas facility in Ohio exclusively powering their data center ([04:00]).
  • Oracle & OpenAI: Developing off-grid natural gas systems in NM and TX ([04:15]).
  • XAI/SpaceX: Committing to 1.2 gigawatts of power near Memphis, intended to also supply enough backup energy for the city ([04:27]).
  • Amazon: Sourcing its own energy (including renewables) in Oregon ([04:35]).
  • Google (Alphabet):
    • Partnering with Entergy to build a 600 MW solar field and 350 MW battery system in Arkansas ([04:41]).
    • Funding restart of the Dwayne Arnold nuclear facility in Iowa to supply data centers ([05:00]).
    • Microsoft working to reopen the Three Mile Island nuclear facility ([05:11]).

• Industrial Ripple Effects:

  • Major equipment firms (e.g., GE Vernova, Caterpillar, Siemens, Doosan) benefit from this infrastructure boom ([05:20]).

• Geopolitical Context:

  • China invested double the U.S. in grid and energy storage in 2025 and moves faster due to centralized planning ([05:51]).
  • The U.S. grid is aging and complex, with expensive upgrade processes. Regulators decide if costs get passed to consumers or now, ideally, to tech companies ([06:00]).

Notable Quote

"Data centers—they need some PR help. People think that if the data center goes in, their electricity is going to go up."
— President Trump at the pledge signing ([03:13])

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Amprius Earnings: A Drone Battery Company in the Spotlight

Starts at 06:31

Listener Question Highlight & Background

• Responding to a YouTube listener, Ann covers Amprius (AMPX), a small-cap company that designs batteries for drones.
• Amprius shares soared up to 16% after its earnings report ([07:05]).

Company Highlights

• Innovation & Leadership:

  • Won CES 2026 Innovation Award in Sustainability & Energy Transition for its 520 Wh/kg battery ([07:14]).
  • CEO Tom Stepien: “We are a battery company. We offer twice the energy density of everyone else, so batteries are lighter, longer and stronger.” ([07:27])
  • Stepien is a technical CEO (Mechanical Engineering degrees, MIT), continuing a trend in tech of engineering-oriented leaders ([08:10]).

• Drone Impact:

  • Stepien: “The [Nokia] drone can stay in the air twice as long...because it’s the density of energy packed into this particular battery size.” ([07:48])

Financials

• Quarterly:
  • Q4 Revenue: $25M (+137% YoY)
  • Adjusted EPS: –$0.01 (better than expected)
  • One-time impairment on a Colorado facility ([08:56])
• Full Year 2025:
  • Revenue: $73M (+200% YoY)
  • Cash: $92M
  • 2026 guidance: Revenue $125M, Adj. EBITDA at least $4M, net loss of $8M ([09:18])

Manufacturing Shift

• Amprius primarily designs batteries, historically partnering with manufacturers in China.
• Transitioning due to customer and defense needs (“Made in America”):
  • Signed (and recently canceled) a Colorado plant lease, shifting to a “capital light manufacturing model,” saving $110M ([10:00]).
  • Expanded contract manufacturing partnerships through Amprius Korea Battery Alliance—leveraging Korea’s advanced ecosystem ([10:45]).

Geopolitics & Supply Chain Risks

• Korea’s critical role in AI and battery supply chains highlighted, recent geopolitical instability in energy logistics (e.g., Strait of Hormuz closures impacting oil and LNG shipments to Korea) ([11:15]).

Defense Contracts

• Growing defense relationship:
  • New $2.8M awarded from the Defense Innovation Unit (total $14.8M) ([11:51]).
  • U.S. gov’t sees secure supply chains for battery technology as critical ([11:54]).

Drone Use-Cases

• Ann discusses dual-use nature of drones:
  • Defense contracts are key but also numerous beneficial civilian applications: search & rescue, firefighting, rural connectivity, medical supply delivery, agriculture ([13:38], [14:00]).
  • Amprius cited for both altruistic and defense-related applications.
• Memorable moment:
  • “I went to the Department of War website for the first time today...I found a page called Drone Dominance and this is a quote: ‘The War Department is unleashing American drone dominance by bolstering the U.S. drone manufacturing base.’” ([13:17])

Notable Quote

“We offer twice the energy density of everyone else, so batteries are lighter, longer and stronger.”
— Tom Stepien, CEO Amprius ([07:27])

“Drone can stay in the air...twice as long. So again, it’s the density of energy packed into this particular battery size.”
— Ann Berry quoting Tom Stepien ([07:48])

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Retail & Leisure Stock Moves

Starts at 16:08

Market Close Snapshot

• S&P 500: –0.5%
• Nasdaq: –0.25%
• Dow: –1.1%
• Brent crude oil: +4% to $85 (new 52-week high), driven by Middle East conflict, Strait of Hormuz supply disruptions ([16:18]).

Retail Earnings:

• BJ’s (BJ):

  • Stock down >2% despite “16th consecutive quarter of traffic growth” – guidance missed expectations ([16:56]).

• Victoria’s Secret (VSCO):

  • Beat expectations, “Pink” brand had best growth in years.
  • Tariff impacts to cost $40M; stock down >17% ([17:04]).

• Burlington Stores (BURL):

  • Shares up 6% on Q4 revenue beat and strong 2026 outlook ([17:24]).
  • Ann Berry: “My experience was that the store was so hot and trying on coats was so unpleasant that I left. But that was years ago.” ([17:27])

Real Estate & Leisure:

• Six Flags (FUN):
  • Selling seven regional parks to EPR Properties for $331M; shares +4.5%, but EPR shares down 4% ([18:22]).
  • EPR called “an experiential REIT—acts as a landlord for movie theaters, museums, TopGolf, etc.” ([18:34])
  • Six Flags activists considering real estate asset separation to unlock value.

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Final Thought: Nvidia, Regulations, and AI Chips

Starts at 18:44

• U.S. government may require approval for any Nvidia AI chip export, granting broad regulatory control ([19:05]).
• Nvidia shares dropped 2% but rebounded, indicating the market isn’t yet sure the regulation will happen or believes it won’t be too impactful ([19:53]).

Notable Quote

“The idea that the government would dictate which markets you can sell your products into on a very broad basis...astonishing when you think about the implications of this.”
— Ann Berry ([19:53])

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Notable Quotes (with Speaker & Timestamp)

• President Trump: “Data centers—they need some PR help. People think that if the data center goes in, their electricity is going to go up.” ([03:13])
• Tom Stepien (Amprius CEO): "We offer twice the energy density of everyone else, so batteries are lighter, longer and stronger." ([07:27])
• Ann Berry (referencing drone batteries): "The drone can stay in the air twice as long... because it’s the density of energy packed into this particular battery size." ([07:48])
• Ann Berry: “I went to the Department of War website for the first time today... found a page called Drone Dominance and this is a quote: 'The War Department is unleashing American drone dominance by bolstering the US drone manufacturing base.'” ([13:17])
• Ann Berry, on government export controls: “The idea that the government would dictate which markets you can sell your products into...astonishing when you think about the implications of this.” ([19:53])

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Timestamps for Key Segments

• Tech Energy Pledge Analysis: 01:20–06:14
• Amprius Drone Battery Deep Dive: 06:31–15:05
• Retail, Six Flags, Market Rundown: 16:08–18:44
• Nvidia/AI Chip Export Regulation Discussion: 18:44–20:00

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Tone & Style

The episode is straightforward and insightful, aiming for accessibility while packing in details and context relevant to investors. There’s humor and personal anecdotes (e.g., Berry’s Burlington experience, drone racing league memories), keeping the pace lively.

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Summary for Non-Listeners

This episode is a must-listen for retail investors and market watchers interested in the intersection of tech growth, energy infrastructure, defense-driven innovation (especially in drones), and shifting dynamics in retail and leisure stocks. The show decodes emerging stories—like Big Tech’s scramble for independent power and its regulatory consequences, how supply chains are shifting for high-tech battery companies like Amprius, and why certain stocks are soaring (or plummeting) in response to both earnings and macro changes. The perspectives are timely and laced with memorable, often unconventional, insights.

Transcript

[A]

Hear that? That's me in Tokyo learning to make sushi from a master. How did I get here? I invested wisely. Now the only thing I worry about is using too much wasabi. Get where you're going with spy, the world's most traded etf. Getting there starts here with State Street Investment Management.

[B]

Before investing, consider the fund's investment objectives, risks, charges and expenses. Visit state street.comim for prospectus containing this and other information. Read it carefully. SPY Subject to risks similar to those of stocks, all ETFs are subject to risk, including possible loss of principal Alps Distributors Inc. Distributor drones are playing an increasingly large role on the world stage, so we explore one public company designing batteries for the aircraft for the lingerie retailer, it turns out that the Victoria's Secret may actually be the comeback of its pink line. We survey earnings from some popular retail brands and Covering the costs of AI tech giants gathered in Washington, D.C. to sign a data center pledge with the goal of protecting consumers. But will the non binding commitment really help? Or was it just a Datacenter PR push for Thursday, March 5? It's free markets Daily and I'm Ann Berry. More market details to come. But first, the Rate Payer protection pledge that was signed by seven major tech companies yesterday in a move that the Trump administration claims will protect consumers against the cost of data centers hitting them in their utility bills. Top executives from the companies Google, Meta, Microsoft, Amazon, Oracle XAI, which is merging with SpaceX and OpenAI, all gathered at the White House to pledge what amounts to an enormous amount of capital investment because the scope includes providing or paying for all power generation and electricity needed for their AI projects, which includes building new power stations, covering the costs of upgrading existing power delivery infrastructure. I'll come back to that in just a moment. Plus negotiating separate rate structures with utilities, hiring and training workforces from within local communities, and using their infrastructure to contribute backup power to local grids. Now this all comes off the back of intense growth in demand for electricity. Data centers consumed less than 2% of U.S. electricity before about 2020, but by 2028 that could rise to as much as 12%. So it makes sense that consumers are fearful of footing that bill. Or as President Trump said at the pledge signing, quote, data centers they need some PR help. People think that if the data center goes in, their electricity is going to go up. Now, the pledge, which had been previewed by the way, during the State of the Union address last week, is non binding, meaning it will be hard to track and to hold Big Tech accountable for information that does come out to paint a picture of their activities, but it does shine a light on a real issue and we have in fact seen real self fueling activity by Big Tech's start already. So let's take Meta Last month, and with no public hearings held, the Ohio Power Sitting board approved the construction of a 350 megawatt natural gas fired electric generation facility next to the Meta data Center in Wood County. The plant, which is called the Apollo Power generation facility, will operate behind the meter, which means it'll serve only the electric demands of the data center. It won't be physically connected to the electric power grid. Then There's Oracle and OpenAI developing off grid on site natural gas fired systems for their project Jupiter Stargate data center that's got a campus in New Mexico and they've also together got a facility in Texas. Gwynne Shotwell, president of SpaceX, said basically on behalf of XAI that that company is committing to developing 1.2 gigawatts of power at the company's supercomputer site near Memphis, Tennessee, and that the facility would also provide enough backup energy to power the city of Memphis. Amazon, meanwhile, is partnered with Umatilla Electric Cooperative in Oregon in a self supply agreement where Amazon sources its own energy, including from renewable sources. Then there's Google, owned by Alphabet, partnering with Entergy ticker ETR market cap $48 billion and that's to build a 600 megawatt solar field and 350 megawatt battery storage system in Arkansas. And then we can't not talk about nuclear energy now there. Google is also funding the restart of the Dwayne Arnold nuclear facility in Iowa power its data centers, while Microsoft has partnered with Constellation Energy in a move to reopen Three Mile island nuclear plant, which was the site of a partial meltdown in 1979 that frankly iced the nuclear industry. What major industrial companies such as G Venova, Caterpillar, Siemens and Doosan are receiving equipment orders for these on site power projects? Well, let's talk a bit more about this push, because the White House is clearly doing this partly as a reaction to voter concerns about affordability. It's a topic that's expected to be top of mind in this year's midterm elections. But another aspect of this is that the administration is also keenly aware that power sits at the very heart of a global push for AI supremacy. Well, in 2025, China invested twice as much as the United States in power plants, its electric grid and energy storage, and China's centralized planning system enables it to circumvent much of the regulatory and approval process seen in America, so it's tended to be able to move much more quickly. Well, the United States also has the issue of the quality of its grid at the moment, and that's because the US Grid is large, it's complex, and it's saddled with aging transmission lines that are hugely expensive to upgrade. Utilities earn money only when regulators approve equipment upgrades, which then gives utilities the green light to pass those costs on to consumers or if the pledge works as intended, to big tech, where their data centers drive upgrade demand. So here at Brew Markets, at least, it's the utilities and regulators who will now keep on watching. Coming up, Shares in amprius took off Today we answer a listener request and dig into the earnings of the American company that design batteries for drones and Burlington. They're more than just great coats, but how great was their recent quarter? We have the latest but first a word from our sponsor, Charles Schwab. Trading at Schwab is powered by Ameritrade, unlocking the power of thinkorswim, the award winning trading platform loaded with features that let you dive deeper into the market. You can visualize your trades in new light on Think or Swim desktop with robust charting and analysis tools all while

[A]

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[B]

roll on in this week and we got a Note from one YouTube viewer who is particularly interested in the earnings of the following company. The note read and can you please cover amprius? While a small cap, I feel like it may be relevant they supply batteries often for drones. So thank you for that comment by the way. To those of you who watch on YouTube, do drop us comments there and also to those of you listening lots of places you can either email us or you can actually comment the podcast platforms. We do love getting these requests to dig in. Well, the story of Amrius is particularly interesting and shares are up as much as 16% today after reporting earnings. So John, let's dig into the background.

[A]

That's right, AMP Technologies ticker AMPX on the New York Stock Exchange market cap, just shy of $2 billion went public via SPAC in 2022 and this is a good jumping off point as introduction for the company in January at the Consumer Electronics Show, Amprius won the CES 2026 Best of Innovation award in in the sustainability and energy transition category for its 520 watt hours per kilogram battery. So I started learning a lot about kilowatt hours per batteries today. But around that achievement, Ambresa CEO Tom Stepien was doing a lot of press. And the way he describes it, quote, we are a battery company. We offer twice the energy density of everyone else, so batteries are lighter, longer and stronger.

[B]

Well, at ces he referenced a Nokia drone using precisely one of these batteries, saying simply that the drone can stay in the air tw twice as long. So again, it's the density of energy packed into this particular battery size. And so a battery with the same masses of as its competition is able to keep on running for twice as long. Well, Stepien was appointed CEO this year and that was after the company's founder, Dr. Kang sun, retired from the role. And in terms of looking for technical CEOs, there's often this debate. Do your CEOs of companies like this need to be like engineering superstars or can they have more of a general business background? And in this case, Sepien, CEO of amprius, very much is in the sort of technical expert category. He's got a bachelor's and a master's degree, both in mechanical engineering from MIT from the Massachusetts Institute of Technology. And it's interesting because you take a look at Sachin Adela, CEO of Microsoft, also electrical engineer by background. Lisa Sue, CEO of AMD, has a bachelor's, also a PhD in electrical engineering, also at MIT. So you can sort of see these tech companies go different ways when it comes to looking for key characteristics in their leadership.

[A]

Yes, and I think in this case the founder was looking for someone with a tech background to keep the train moving along. For the quarter, revenue of $25 million was up 137% year over year. Adjusted earnings per share of -0.01 was better than a loss of $0.04 as expected. And there was a one time impairment charge related to a facility in Colorado. And we'll come back to that in a moment.

[B]

Well, in the full year of 2025, I mean, these are pretty impressive numbers. Revenue hit $73 million, up, up more than 200%. And the company did end the year with $92 million in cash. The outlook for 2026 was pretty, pretty positive. Revenue expected to hit 125 million. And really importantly for these kinds of businesses, which is sort of nascent technology adjusted ebitda, which is a measure of profit and often a proxy for free cash flow expected to hit at least $4 million for this year. So a sign that despite the growth trajectory that there is profit sort of being thrown off by this business with a net loss expected than $8 million for the year as well.

[A]

So Amprius designs the batteries but doesn't manufacture them. So along the lines of Nvidia designing chips, but TSMC manufactures those AI chips and the company has long been using manufacturing partners in China. But as the company expanded, they heard from clients that they wanted amprius to work with national defense authorized companies, meaning Made in America and other global partners that have been approved. So America for sure. So in 2024, the company signed a 15 year lease for a 775,000 square foot manufacturing facility in Colorado, but has since pivoted from the earnings report. The company announced they terminated the lease and they're moving forward with a quote capital light manufacturing model, eliminating over $110 million in the lease. And they highlighted that they added three additional contract manufacturers at the Amprius Korea Battery Alliance. So that's part of the approved broadening AMPRIUS Global Manufacturing Network, quote and providing direct access to Korea's advanced battery production ecosystem. So they're recommitting to design over manufact.

[B]

It's really fascinating to see this play out because one of the things we talked about on the show yesterday is the importance of Korea in the AI supply chain and how the strikes on Iran and then Iran's counter strikes in the Gulf, you know, we've seen the shutdown of the Strait of Hormuz and as a result you're seeing oil tankers and liquefied natural gas not able to make their way to Korea, which is hugely, hugely dependent on imports of energy, not least to fuel its manufacturing sector. So it's interesting, John, to see in this story today that as there is a look to Korea to try and supply critical components, you know, this is something that a business like this is possibly going to feel as well. And just to be clear, we talked yesterday about how career is is so important in the manufacturing of memory which sits in these data centers. So here we're seeing its importance in battery manufacturing as well, specifically.

[A]

And the company also touted its growing relationship with the U.S. government. It said in its earnings report it added $2.8 million to Amperise's existing agreement with the Defense Innovation Unit. That's the DIU, an arm of Department of War, and that brings its total agreement up to $14.8 million. And the DIU views secure supply chains for battery technology as being important. And that's part of working with Korea.

[B]

Yeah, it's interesting. I actually invested in a private drone company quite a while ago called Performance droneworks. It was spun out. I knew the founder who started a company called Drone Racing League which had nothing to do with defense. And that company started life as saying you'd watch esports and you see gaming. They would take venues and basically get drone pilots to come and race their drones around. And they ended up streaming it on places like espn and they spun out of the business. One element that focuses on making drones for the Department of Defense. And you can imagine now it's actually sort of doing quite well. And so I've been watching all this unfold and one of the key things I would talk to the founders about is one of the uses of drones now is actually drone on drone. Right. Action. And that one of the ways in which drones are being deployed is actually to get rid of attacking drones. So it's an important sort of defense mechanism. So this reminded me a lot of this. And thinking about the supply chain for that business as well.

[A]

I remember that esports launch in Las Vegas. They would take over warehouses.

[B]

That's exactly right. And Brooklyn Navy Yard as well, actually,

[A]

you know, and so this is interesting, drones talking about whether they have good PR or not. I went to the Department of War website for the first time today, which is war.gov and I found a page called Drone Dominance and this is a quote. The War Department is unleashing American drone dominance by bolstering the US drone manufacturing base. And in the press, amprius leadership has talked about altruistic use cases for drones. A four year old that was wandered away was found by a drone that a drone can quickly go to a fire and assess it or providing 5G to disconnected communities like the Nokia drone we were talking about at the top. All, all of which are real use cases, but it's these defense contracts that if I was an investor, I'd be keeping an eye on.

[B]

Yeah, I do remember actually drones reading a lot about them being used in Africa partly to try and deliver medical supplies to remote communities. That was one area. And the other one was actually in agriculture to sort of plant seeds and things, which was another sort of interesting use. So this is definitely a technology that's not going away. Again, the defense use case getting an enormous amount of coverage at the moment given the geopolitical situation globally. But not, I think the last time that we're going to see this and probably going to get more dialogue around some of the alternative uses as well. Well Amprius rewarded with shares up 16 today. They're up nearly 600 versus a year. So this one has been on absolute tear. And thank you again to the YouTube viewer who got to us again. We'd love to hear from you. So if you have any feedback or a company you'd like us to cover, do leave a note or send an email to brewmarketshoworning brew.com well, let's take a break. When we come back, we'll take a spin through the headlines Moving the markets today. Vaneck believes gold is evolving into a more durable part of a portfolio. And with ongoing global uncertainty, the case for gold remains compelling.

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Learn [e-mail] brewgdx that's vaneck.com brewgdx read fun disclosures in podcast description On December 12th, Disney invites you to go behind the scenes with Taylor Swift in an exclusive six episode docuseries.

[B]

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[B]

It's 4pm on the East Coast. There it is, the closing bell. The markets have wrapped up for the day. We don't have a ticker tape, but let's throw it over to our human ticker. Our producer John that's right, The S&P

[A]

500 finished down half a percent, the Nasdaq was down a quarter of a percent and the Dow finished 1 and 610 of a percent down today. Brent crude oil prices climbed over 4% today to $85 a barrel, a new 52 week high as traders priced in heightened supply risk from the escalating Middle east conflict and disruptions around the Strait of Hormuz. Some other market headlines it's earnings galore. Lots of retailers reporting this week. Shares and warehouse club BJ's ticker BJ were down over 2% even after the company posted strong earnings, logging its 16th consecutive quarter of traffic growth, growth but guidance missed expectations.

[B]

Then moving on over to Victoria's Secret, or Vicky's Secret, as it's affectionately known. The lingerie staple beat expectations during the crucial holiday quarter and it was its pink brand that really shone here, having its best growth in years. Now the company is forecasting a net tariff impact of nearly $40 million this year, something we've seen a lot of apparel retailers struggle with cutting into its profits and as a result did send shares down more than 17% over the course of the day.

[A]

There was one bright spot today in retail, Burlington Stores, which I once went to when it was called Burlington Coat Factory to buy a coat. My experience was that the store was so hot and trying on coats was so unpleasant that I left. But that was years ago. The retailer Ticker Burl saw shares up 6% on a fourth quarter revenue beat and a bullish outlook for fiscal 2026.

[B]

So one thing I will say is right here by the studio. So we're in Chelsea in New York and they're in building a new 78,000 square foot Burlington flagship Stor right on our block. And actually Ulta just opened up on our block too. There's a lot going on, at least in the corner of bricks and mortar retail in this part of the world. And finally for everyone following the turnaround saga at Six Flags, that's Ticker fun. The company announced it plans to sell seven of its regional amusement parks to EPR Properties for a total cash consideration of $331 million. While shares in Six Flags were up over 4 1/2% today. So good news for Six Flags getting rid of them. Looks like EPR investors weren't so enthusiast about that company taking on those theme parks because the EPR stock was down nearly 4%.

[A]

And Ann, I'm curious to learn more about EPR, which calls itself an experiential REIT, acting as a landlord for movie theaters, museums, even some topgolf locations. Reading about it today, it's an interesting company.

[B]

Yeah. And just a reminder that this one, Six Flags, is one that activists have been going into. There's a lot of talk about perhaps separating out its real estate portfolio to see if there's a way to do a sell leaseback and unlock some value there. So I think there's a lot more that we're going to be seeing from Six Flags. Well, there was one story we wanted to hit on quickly today because there's been a whole bunch of news about Nvidia on the one hand, about another big investment in AI that is being speculated as the company's last before OpenAI possibly goes public later on this year. But there was another reason that Nvidia caught our eye and there was an article that came out in Bloomberg this morning. I immediately sent it to John and said we have to have this as a final thought for today. And that is because apparently the Trump administration is considering taking a formal role in influencing where Nvidia is able to sell some of its key chips. So US Officials have apparently written draft regulations that would restrict AI chip shipments to anywhere in the world without American approval, which would give Washington broad control over whether other countries can build basically AI training models and using this technology in its data centers, basically trying to put limits or being able to monitor where the United States top technology actually goes to. But it was sort of interesting because we did see Nvidia stock drop as much as about 2% over the course of today. But then it rebounded pretty healthily, which just I would say it was, was kind of astonishing when you think about the implications of this, the idea that the government would dictate which markets you can sell your products into on a very broad basis, but the market saying they're not quite sure it's going to happen yet, or just really not that too concerned. That's it for today's blue markets. Daily Brew.

[A]

Markets Daily is hosted by Anne Barry and produced by John Coteau, Taka Delatief and Emily Miller, and technical direction by Uchenawa Ogu. Brittany Taco is our audio engineer and the president of Morning Brew Inc. Is Devin Emery.

[B]

Wake up tomorrow with the Morning Brew newsletter and tune in to Neil and Toby on Morning Brew Daily. We'll see you back here tomorrow, same time, same place.